The Investment Division is responsible for investment of state monies from the date of receipt through the date of redemption. During the 2013-14 fiscal year, this Division handled 6,493 security investment transactions totaling $270.6 billion. The Pooled Money Investment Board (PMIB) program accounted for 4,704 of these transactions totaling $234.5 billion; time deposits accounted for 1,104 transactions totaling $25.2 billion. The remaining $11.0 billion is invested on behalf of the state's special funds, such as those associated with the California Housing Finance Agency, the Department of Fish and Wildlife, the state's retirement system, etc. The Division also administers the Local Agency Investment Fund (LAIF), a voluntary investment program created to offer California local agencies greater access to the financial markets through the PMIB program. In the 2013-14 fiscal year, 2,617 local agencies participated in LAIF, with deposits averaging $20.2 billion for the fiscal year.